South Korea: Income and profits taxes
* indicates monthly or quarterly data series
| South Korea |
Income, profits, and capital gains taxes: percent of revenue |
|---|---|
| Latest value | 30.40 |
| Year | 2021 |
| Measure | percent |
| Data availability | 1972 - 2021 |
| Average | 27.53 |
| Min - Max | 22.16 - 34.76 |
| Source | The World Bank |
The latest value from 2021 is 30.4 percent, an increase from 28.06 percent in 2020. In comparison, the world average is 25.40 percent, based on data from 102 countries. Historically, the average for South Korea from 1972 to 2021 is 27.53 percent. The minimum value, 22.16 percent, was reached in 1975 while the maximum of 34.76 percent was recorded in 1989.
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Definition: Taxes on income, profits, and capital gains are levied on the actual or presumptive net income of individuals, on the profits of corporations and enterprises, and on capital gains, whether realized or not, on land, securities, and other assets. Intragovernmental payments are eliminated in consolidation.
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Government spending, percent of GDP | 18.77 | 2022 | percent |
| Government spending, in dollars | 323.69 | 2023 | billion U.S. dollars |
| Fiscal balance, percent of GDP | -1.60 | 2023 | percent |
| Government debt | 49.40 | 2022 | percent |
| Government expenditure | 112,575.50 | Q2/2024 | billion |
| Long-term interest rate | 3.00 | 8/2024 | percent |
| Tax revenue | 16.73 | 2021 | percent |
| Commercial tax rate | 33.20 | 2019 | percent |
| Tax preparation time | 174 | 2019 | hours |
| Number of taxes | 12 | 2019 | taxes |
| Taxes on goods and services | 18.68 | 2021 | percent |
| Taxes on international trade | 1.38 | 2021 | percent |
| Income and profits taxes | 30.40 | 2021 | percent |
| Foreign aid | -71.54 | 2004 | million U.S. dollars |